Central Bank Chairman reports on inflation in Russia

Inflation was registered at 7.1 percent in Russia in the first five months of 2003, Chairman of the Russian Central Bank Sergey Ignatyev announced at the 12th International Banking Congress in St. Petersburg today. He recalled that inflation was 8.4 percent in the corresponding period last year. The Central Bank's head also reported that inflation was 0.8 percent in May 2003 against 1.7 percent in May 2002. He mentioned that the 2002 inflation rate in Russia was 15.1 percent and forecasted that the 2003 inflation rate could be restrained at no more than 12 percent.

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